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Panel formed to develop revenue-sharing auto database

September 15, 2015

India’s insurance regulator has constituted a four-member committee to work on developing a revenue-sharing motor vehicle database for insurers and state-level entities.

The sharing of data in a seamless manner could bring efficiencies in insurance sales and services, reported Press Trust of India citing the Insurance Regulatory and Development Authority of India (IRDAI). General insurance companies would use the data to decide on billing and claim settlement frequency and processes.

The Insurance Information Bureau of India would be in a position to obtain data from various national-level entities such as the Ministry of Road Transport and Highways and state governments, IRDAI said in a statement. The Indian non-life insurance market is dominated by motor insurance business with a share of around 45% in the gross written premium. At the same time, estimates are that over 55% of vehicles plying on Indian roads are uninsured according to insurers.

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